Common KYC Format on the Cards – says RBI

Reserve Bank of India is working on the idea of introducing common ‘Know Your Customer (KYC)’ format for entire financial sector. RBI has already identified a standard set of KYC format, where the customer shall be asked to submit his identification info just once.

A digital wallet of a customer shall be prepared containing info of customer’s identification. Panel headed by R.Gandhi, Deputy Governor of RBI, has recommended on this issue. These recommendations shall be open on public and after suggestions from various quarters and study, these shall come into the shape of guidelines.